Gold and silver miner McEwen Mining (MUX) has been creeping higher from a July low with improving technical indicators. Today's upgrade to Hold by TheStreet's Quant Ratings boosts a positive outlook.
In the daily chart, above, McEwen broke out on the upside from its tight range in December and then retested the breakout point and the 50-day moving average line successfully in January.
The On-Balance-Volume (OBV) line bottomed out in July, August and September and turned up steadily in November confirming the advance. The Moving Average Convergence Divergence (MACD) oscillator has been above the zero line since December. It looks like it will soon generate a new buy signal.
The weekly chart of McEwen, above, shows a one-year rounded bottom pattern in 2015 and the upside breakout over the now rising 40-week moving average line. The OBV line is moving up on this time frame and the MACD oscillator is bullish.
A rally to $3 looks like the next step up for McEwen.